#WeSawItComing : The Great Wealth Transfer
The 2024 Knight Frank Wealth Report released this week suggests Millennials could soon become the ‘richest generation in history' despite the current economic turmoil and their difficulties in getting on the property ladder. This significant boost in generational wealth will occur as a transfer from older, property-rich generations; the Silent Generation (born from 1925 to 1945), the Baby Boomers (1946-1964), and the oldest cohort of Generation X (1965-1979), who between them have more than £2.5 trillion ($3.15 trillion, €2.92 trillion) tied up in their homes.
On top of property, the shares, bonds, and assets older generations have accumulated will go to Millennials. This transfer of equity will make the generation wealthier than all their predecessors. The report expects a 'seismic' windfall over the next two decades, as £71 trillion ($90 trillion, €83 trillion) of assets move between generations in the US alone.
Back in September 2023, our co-founder Martin Raymond unveiled The Future Laboratory's The Great Wealth Transfer report at the Modern Affluence Summit. In this analysis, he forecast how this phenomenon of multigenerational wealth transfer will be significant in the US, where a total of £67.5 trillion ($84.4 trillion, €78.7 trillion) will be transferred to Gen Z and Millennial heirs by 2045 (source: Cerulli).
Access the free report now: https://www.lsnglobal.com/macro-trends/article/30211/the-great-wealth-transfer
Girls Just Wanna Grow Plants by Leo Burnett for Agency for Nature, UK
